• Wednesday, December 06, 2023
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NSIA commits $500m to boost infrastructure development

NSIA commits $500m to boost infrastructure development

Aminu Umar-Sadiq, managing director and chief executive officer of Nigeria Sovereign Investment Authority (NSIA) has revealed that the authority has committed $500 million to domestic infrastructure, whilst also enabling third party investments of over one billion dollars.

This was made known at an investigative hearing held on Tuesday at the Ad hoc committee constituted by the House of Representatives to investigate the activities of the NSIA since inception.

Speaking at the event, he said the NSIA belongs to the three tiers of government consisting the federal government, state government, local government, including the FCT and its area councils.

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“NSIA has a robust infrastructure investment portfolio covering several critical sectors such as agriculture, healthcare, financial infrastructure, technology, innovation, and power,” he said.

He said the authority has also developed institutions and platforms to improve the financial market ecosystem within the country.

“We developed a 10 MW solar power project which was expected to facilitate the creation of over 500 direct and indirect jobs.

“Furthermore, through its participation within the housing sector, over 13,000 affordable housing units were under construction in different states of the Federation,” he added

According to Umar-Sadiq, NSIA has supported over 236,000 farmers in different Agric projects.

“Under the Presidential Fertiliser Initiative, the authority has facilitated the production of 3.8 million Metric Tons of fertiliser to farmers nationwide, with 72 blending plants currently in operation across Nigeria,” he said.

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NSIA also disclosed that its net assets grew from N156 billion in 2013, to N1.01 trillion at the end of 2022, and has remained profitable over the last 10 years of operation, with yearly audits performed by Independent auditors.

The net contribution has grown from the initial one billion dollars to the current net asset value of $2.27 billion as at December 2022, according to the investment authority.

Lateef Shittu, representative of the director general, of the Nigeria Governors Forum added that local governments were notable stakeholders who were accounted for together with the state government and represented a significant holding of the fund.

“Every single project executed by the NSIA is located within a local government, so they are beneficiaries of the projects.”